Mesh Korea specializes in the development of online platforms that support the distribution and logistics requirements of businesses. On August 18, a representative from the company, Ryu Jung Bum, confirmed that Mesh Korea had raised US $3.4M from SBI Investment and Korea Development Bank (KDB Capital).
Prior to this investment, Mesh Korea raised a total of US $6.8M from both domestic and oversea investors, including an investment from VentureSquare back in January.
Mesh Korea, which was founded in January 2013, has become an expert in providing businesses with solutions for distribution and delivery. Typical clients include businesses that distribute smaller good and food outlets that do deliveries. Their delivery app Butakhae (a Korean phrase meaning "can you do me a favor") enables restaurants to offer delivery services. CU, a company that operates a chain of convenience stores in Korea, is also a user of Butakhae. The app allows CU to deliver household items to its customers.
Mesh Korea streamlines the delivery process through its real-time small goods delivery application Mesh Prime. This application allows logistics companies to manage their delivery motorcycles, 4WD, and other vehicles.
During the investment process, Mesh Korea was shortlisted by SBI Investment and KDB Capital for their potential market growth as an automated delivery system. The final investment decision came after further observing potential growth in a rapidly developing market fueled by technical skill and infrastructure.
Ahn Jae Guang, the department head who led the investment, explained, “Mesh Korea is a business model that revives the economic environments by ensuring steady flow of work is created for logistics companies and allowing business owners to offer expansion of their services.” Ryu Jung Bum, a representative of Mesh Korea, said that they plan to extend this business model outside of Korea through the SBI networks. Targeted oversea markets include Malaysia and other Southeast Asian countries.
Meanwhile, Mesh Korea has adopted an automated car service system which offers a service similar to Uber. The app will connect passengers to vehicle service providers based on the real time GPS locations. The app is said to have a registered patent on "the way booking information from the device is processed."